H
oward Lutnick, CEO of Cantor Fitzgerald and chair of Newmark Group, has settled a lawsuit filed by shareholders over a $50 million bonus he received in 2017. The Delaware court case was sparked by the company's public listing on the Nasdaq exchange, which saw Newmark acquire $847 million in shares from BGC Partners. Lutnick argued his financial engineering netted the company $500 million, but shareholders claimed he didn't earn the bonus as it didn't increase Newmark's value.

    Terms of the settlement were not disclosed. With the lawsuit behind him, Lutnick can focus on preparing for his confirmation hearing to become Commerce Secretary, a role President Donald Trump has nominated him for. As part of the process, Lutnick will step down from leadership posts at Cantor and Newmark and divest his interests in both companies.

    Lutnick is already set up with a place to live in Washington, D.C., having purchased a $29 million house last month. He owns several other properties, including an Upper East Side penthouse and an estate in the Hamptons. Lutnick's confirmation hearing is scheduled for Wednesday, allowing him to focus on his new role overseeing trade and tariffs decisions.